AngloGold Ashanti (NYSE:AU,JSE:ANG)has agreed to sell its interests in two Côte d’Ivoire gold projects to Resolute Mining (ASX:RSG,LSE:RSG) as it hones its focus on its US operating and development assets.
The company said on April 30 that it will sell the Doropo and Archean-Birimian Contact (ABC) projects, both owned by Centamin West Africa Holdings, to Resolute for US$175 million and US$10 million, respectively.
AngloGold acquired an indirect interest in the projects when it acquired Centamin in November 2024.
“This transaction ensures we maintain our focus on disciplined capital allocation and driving efficiencies from our existing portfolio,” said AngloGold Ashanti CEO Alberto Calderon. “It also ensures these projects are in good hands.”
AngloGold said it performed a company review and determined that selling the properties to a company with the requisite operational focus and financial capacity would be the best way to maximize value.
Resolute’s focus on Africa made the divestment easier, with the sale having no conditions. The company has producing gold mines in Mali and Senegal, as well as exploration properties in Mali, Senegal and Guinea.
In November 2024, Resolute CEO Terence Holohan and two company executives were detained in Mali due to claims that the company owed US$162 million in back taxes. They were released later that month.
The company agreed to a settlement of US$160 million, split into three payments: an initial US$80 million, a second payment of approximately US$50 million and a final payment of about US$30 million completed on December 31, 2024.
In connection with the sale of its Côte d’Ivoire projects, AngloGold will acquire Toro Gold Guinée Sarlu from Resolute. It owns the titles to the Guinea-based Mansala project, which is adjacent to AngloGold’s Siguiri operations.
This acquisition is subject to several conditions, including the renewal of project permits and approval from the Guinea government. If conditions aren’t satisfied within 18 months of the sale’s completion, the acquisition will lapse.
Resolute’s new Côte d’Ivoire projects
The sale of Doropo and ABC went through on May 30, and they now belong to Resolute.
Doropo is in Northeastern Côte d’I’voire, and is comprised of seven exploration permits covering about 1,850 square kilometers. The licence covers 13 gold deposits, 11 of which are concentrated within a 7 kilometer radius.
A definitive feasibility study for Doropo was completed in 2024. It has received regulatory approval for its environmental and social impact assessment, with the environmental permit awarded in June 2024.
ABC is an exploration project consisting of three permits. It is situated 460 kilometers west of the Doropo project and covers a highly prospective area of 1,143 square kilometers along the underexplored contact zone between the Archean and Birimian cratons. Exploration at ABC has delineated the Lolosso gold corridor, a north-south trending gold-mineralized corridor, over a 30 kilometer strike length within the Kona permit.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
